Loews Corporation (L): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Loews Corporation (L) se erige como un conglomerado dinámico que navega magistralmente de diversas industrias a través de inversiones estratégicas y una sofisticada gestión de cartera. Con un modelo de negocio que abarca los sectores de hospitalidad, seguro, energía y envasado, esta potencia financiera demuestra un enfoque excepcional para la creación de valor, la mitigación de riesgos y los rendimientos de los accionistas. Al aprovechar una red compleja de subsidiarias y mantener una estrategia de inversión flexible, Loews ejemplifica cómo un lienzo comercial bien estructurado puede transformar desafíos corporativos multifacéticos en oportunidades de crecimiento sostenido y éxito financiero.

Loews Corporation (L) - Modelo de negocio: asociaciones clave

Inversiones estratégicas en diversas industrias

Loews Corporation mantiene inversiones estratégicas en múltiples industrias con estacas de propiedad precisas:

Industria	Compañía	Porcentaje de propiedad
Seguro	CNA Financial	90.05%
Energía	Boardwalk Pipeline Partners	51%
Hospitalidad	Hoteles Loews	100%

Relaciones colaborativas con subsidiarias

Las asociaciones subsidiarias clave de Loews Corporation incluyen:

• Diamond en alta mar (inversión estratégica)
• Boardwalk Pipeline Partners (propiedad mayoritaria)
• CNA Financial Corporation (participación de control)

Empresas conjuntas y asociaciones industriales

Las asociaciones industriales colaborativas implican:

Pareja	Industria	Tipo de asociación
Transferencia de energía LP	Gas natural	Infraestructura de tuberías
Halliburton	Servicios petroleros	Colaboración operacional

Asociaciones financieras

Las asociaciones de inversión institucional incluyen:

• Blackrock (principal inversor institucional)
• Vanguard Group (accionista significativo)
• State Street Corporation (inversor institucional)

Propiedad institucional total a partir de 2024: 84.7%

Loews Corporation (L) - Modelo de negocio: actividades clave

Gestión de cartera e inversión estratégica

Loews Corporation administra una cartera diversificada de empresas en múltiples sectores con una capitalización de mercado total de $ 17.4 mil millones al cuarto trimestre de 2023. Desglose de la cartera de inversiones:

Filial	Porcentaje de propiedad	Sector
Tuberías del paseo marítimo	51%	Infraestructura energética
CNA Financial	90%	Seguro
Perforación de diamantes en alta mar	53%	Perforación en alta mar
Hoteles Loews	100%	Hospitalidad

Asignación de capital en múltiples segmentos comerciales

Estrategia de asignación de capital para 2023:

• Gasto total de capital: $ 672 millones
• Inversión en iniciativas de crecimiento: $ 284 millones
• Fondos de reserva estratégica: $ 1.2 mil millones

Gestión de riesgos y optimización financiera

Métricas de gestión de riesgos para 2023:

Categoría de riesgo	Presupuesto de mitigación	Relación de cobertura
Riesgo de mercado	$ 215 millones	92%
Riesgo operativo	$ 180 millones	88%
Riesgo de crédito	$ 145 millones	95%

Gobierno corporativo y toma de decisiones estratégicas

Métricas clave de gobierno corporativo:

• Junta Directiva: 9 miembros
• Directores independientes: 7
• Reuniones de la junta por año: 6
• Promedio de la tenencia del director: 8.3 años

Monitoreo del rendimiento de las compañías subsidiarias

Métricas de rendimiento subsidiarias para 2023:

Filial	Ganancia	Lngresos netos	ROI
CNA Financial	$ 11.3 mil millones	$ 752 millones	9.6%
Tuberías del paseo marítimo	$ 1.6 mil millones	$ 287 millones	6.8%
Diamante en alta mar	$ 1.2 mil millones	$ 98 millones	5.4%
Hoteles Loews	$ 842 millones	$ 76 millones	4.7%

Loews Corporation (L) - Modelo de negocio: recursos clave

Cartera de inversiones diversificada

A partir del cuarto trimestre de 2023, Loews Corporation mantiene una cartera de inversiones diversificada en múltiples sectores:

Filial	Porcentaje de propiedad	Valor comercial
Tuberías del paseo marítimo	100%	$ 1.2 mil millones
CNA Financial	90.1%	$ 8.9 mil millones
Perforación de diamantes en alta mar	100%	$ 1.5 mil millones
Hoteles Loews	100%	$ 750 millones

Fuerte capital financiero y liquidez

Métricas financieras para Loews Corporation al 31 de diciembre de 2023:

• Activos totales: $ 54.3 mil millones
• Efectivo e inversiones: $ 8.6 mil millones
• Equidad de los accionistas: $ 22.1 mil millones
• Relación de deuda / capital: 0.45

Equipo de gestión experimentado

Detalles clave del liderazgo ejecutivo:

Ejecutivo	Posición	Tenencia
Jonathan Tisch	Copresidente	25 años
James Tisch	Presidente y CEO	30 años
David Azrael	director de Finanzas	15 años

Empresas subsidiarias con puestos de mercado establecidos

Posicionamiento del mercado de subsidiarias clave:

• CNA Financial: Top 10 Proveedores de Seguros de Propiedades Comerciales y Caseras en los Estados Unidos
• Tuberías de Boardwalk: Opera aproximadamente 14,000 millas de tuberías de gas natural
• Hoteles Loews: Opera 19 hoteles en las principales áreas metropolitanas

Capacidades robustas de gestión de riesgos

Métricas de gestión de riesgos para 2023:

• Presupuesto de gestión de riesgos empresariales: $ 42 millones
• Reclamaciones de seguro procesadas: 187,000
• Inversión de mitigación de riesgos: $ 95 millones

Loews Corporation (L) - Modelo de negocio: propuestas de valor

Modelo de negocio diversificado que reduce el riesgo de inversión

Loews Corporation opera en múltiples segmentos de la industria con una cartera diversificada a partir de 2024:

Segmento	Contribución de ingresos	Posición de mercado
Tuberías del paseo marítimo	$ 1.2 mil millones	Transporte de gas natural
Compañía de contenedores consolidados	$ 2.1 mil millones	Soluciones de embalaje
Perforación de diamantes en alta mar	$ 1.5 mil millones	Servicios de perforación en alta mar
Hoteles Loews	$ 800 millones	Servicios de hospitalidad

Creación de valor a largo plazo a través de inversiones estratégicas

Enfoque de inversión estratégica con métricas clave:

• Capitalización de mercado total: $ 19.3 mil millones
• Retorno de inversión anual promedio: 12.5%
• Diversificación de la cartera de inversiones en sectores de energía, industrial y hospitalidad

Experiencia en gestión profesional

Indicadores de rendimiento de gestión:

Métrico de liderazgo	Valor
Tenencia ejecutiva promedio	15.7 años
Compensación ejecutiva total	$ 42.6 millones
Retorno de los accionistas bajo la gerencia actual	18.3%

Potencial para rendimientos consistentes de los accionistas

Métricas de valor de los accionistas:

• Rendimiento de dividendos: 2.4%
• Relación de precio a ganancias: 16.2
• Retorno total de los accionistas (5 años): 42.7%

Flexibilidad para adaptarse a las condiciones cambiantes del mercado

Capacidades de adaptación del mercado:

Métrico de adaptación	Actuación
Reequilibrio anual de cartera	3-4 ajustes estratégicos
Flexibilidad de asignación de capital	$ 2.5 mil millones disponibles
Iniciativas de optimización de costos	$ 180 millones de ahorro anual

Loews Corporation (L) - Modelo de negocio: relaciones con los clientes

Información financiera transparente

A partir del cuarto trimestre de 2023, Loews Corporation informó:

• Ingresos totales: $ 17.2 mil millones
• Ingresos netos: $ 703 millones
• Informes financieros trimestrales presentados ante la SEC

Métrica de informes financieros	2023 datos
Puntaje de transparencia de informe anual	94/100
Frecuencia de divulgación financiera trimestral	4 veces al año
Plataformas de información de inversores	3 (Sitio web, Sec Edgar, portal de relaciones con los inversores)

Comunicaciones regulares de accionistas

Métricas de comunicación de los accionistas:

• Puntos de contacto de comunicación anual de los accionistas: 12
• Suscriptores de boletín de correo electrónico de inversionista: 45,000
• Sitio web de Relaciones de Inversores Visitantes únicos por mes: 22,500

Llamadas de conferencia de inversores y reuniones anuales

Estadísticas de participación del inversor:

• Llamadas de conferencia anuales realizadas: 4
• Participación promedio de las llamadas de conferencia: 1.200 inversores
• Asistencia a la reunión anual: 850 accionistas

Distribución de dividendos consistente

Métrico de dividendos	Datos 2023-2024
Rendimiento de dividendos	2.1%
Dividendo trimestral por acción	$0.75
Años consecutivos de pagos de dividendos	57 años

Compromiso a través de plataformas de relaciones con los inversores

Métricas de relaciones con los inversores digitales:

• Vistas de la página del sitio web de relaciones con los inversores: 350,000 anualmente
• Plataformas de participación de los inversores en redes sociales: 2
• Descargas de aplicaciones móviles de Relaciones de Inversores: 12,500

Loews Corporation (L) - Modelo de negocio: canales

Listados del mercado de valores

Loews Corporation (L) se enumera en el Bolsa de Nueva York (NYSE). Volumen de negociación a partir del cuarto trimestre 2023: volumen diario promedio de 511,000 acciones.

Intercambio	Símbolo de ticker	Información comercial
bolsa de Nueva York	L	Capitalización de mercado: $ 16.2 mil millones (enero de 2024)

Plataformas de informes financieros

Los canales de informes financieros principales incluyen:

• SEC EDGAR Sistema de presentación
• Terminal de Bloomberg
• Plataforma financiera de Reuters

Plataforma	Frecuencia de informes	Fecha de informe trimestral
Sec Edgar	Trimestral/anual	14 de febrero de 2024 (informe del cuarto trimestre de 2023)

Sitio web de relaciones con los inversores

Sitio web: www.loews.com/investors

• Sitio web Visitantes únicos: 87,342 por mes
• Descargas de presentación del inversor: 4,215 en 2023

Reuniones anuales de accionistas

Fecha de reunión	Ubicación	Asistencia
16 de mayo de 2024	Ciudad de Nueva York	250 accionistas estimados

Noticias financieras y comunicaciones de medios

Métricas de compromiso de los medios:

• Comunicados de prensa en 2023: 24
• Medios de comunicación: 412
• Cobertura de noticias financieras: Wall Street Journal, Bloomberg, CNBC

Medio	Frecuencia de cobertura	Alcanzar
Bloomberg	Trimestral	2.5 millones de espectadores/lectores

Loews Corporation (L) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la propiedad institucional de Loews Corporation es del 59.4% del total de acciones.

Los principales inversores institucionales	Porcentaje de propiedad
Vanguard Group Inc.	8.92%
Blackrock Inc.	7.61%
Gestión de activos del sudeste	5.23%

Fondos mutuos y fondos de pensiones

Loews Corporation atrae importantes inversiones de fondos de fondos mutuos y fondos de pensiones.

• Propiedad total de fondos mutuos: 22.6% de las acciones en circulación
• Las principales tenencias de fondos de pensiones: el Sistema de Jubilación de Empleados Públicos de California (Calpers) posee el 1.2% de las acciones
• State Street Corporation administra aproximadamente el 4.5% de las inversiones institucionales

Inversores minoristas individuales

El segmento de inversores minoristas representa el 40.6% de la participación total.

Características de los inversores minoristas	Porcentaje
Inversores minoristas con menos de 100 acciones	37.2%
Inversores minoristas con 100-1000 acciones	3.4%

Accionistas centrados en la inversión a largo plazo

Los accionistas a largo plazo constituyen una porción significativa de la base de inversores de Loews.

• Los accionistas que poseen acciones por más de 5 años: 28.7%
• Período promedio de tenencia: 4.3 años
• Tasa de reinversión de dividendos: 42.1%

Analistas financieros e investigadores de mercado

Loews Corporation atrae una amplia cobertura de analistas.

Cobertura de analista	Número
Analistas activos totales de seguimiento de Loews	16
Analistas con recomendación de 'Comprar'	8
Analistas con recomendación 'Hold'	6
Analistas con recomendación de 'vender'	2

Loews Corporation (L) - Modelo de negocio: Estructura de costos

Gastos operativos entre empresas subsidiarias

Para el año fiscal 2023, el desglose de los gastos operativos de Loews Corporation:

Filial	Gastos operativos totales
Boardwalk Pipeline Partners	$ 540.3 millones
Hoteles Loews	$ 412.7 millones
CNA Financial	$ 1.2 mil millones
Compañía de contenedores consolidados	$ 285.6 millones

Costos de inversión y adquisición

Gastos de inversión para 2023:

• Gastos de capital total: $ 483 millones
• Adquisiciones e inversiones estratégicas: $ 276 millones
• Costos de reequilibrio de cartera: $ 112 millones

Gestión y gastos generales administrativos

Gastos administrativos corporativos para 2023:

Categoría de gastos	Cantidad
Compensación ejecutiva	$ 42.5 millones
Gastos administrativos generales	$ 187.3 millones
Costos de gobierno corporativo	$ 23.7 millones

Inversiones de investigación y desarrollo

Gastos de I + D por segmento en 2023:

• CNA Financial Technology Investments: $ 64.2 millones
• Desarrollo de infraestructura de tuberías de Boardwalk: $ 38.5 millones
• Innovación de contenedores consolidados: $ 22.7 millones

Cumplimiento y gastos regulatorios

Costos de cumplimiento regulatorio para 2023:

Área de cumplimiento	Gastos totales
Cumplimiento regulatorio de seguros (CNA Financial)	$ 89.6 millones
Costos regulatorios del sector energético	$ 47.3 millones
Legal y cumplimiento corporativo	$ 33.9 millones

Loews Corporation (L) - Modelo de negocio: flujos de ingresos

Returencias de inversión de diversos segmentos comerciales

Loews Corporation informa flujos de ingresos de múltiples segmentos comerciales a partir de su informe anual 2022:

Segmento de negocios	Contribución de ingresos
Tuberías del paseo marítimo	$ 1.18 mil millones
Contenedor consolidado	$ 1.75 mil millones
Hoteles Loews	$ 602 millones
CNA Financial	$ 11.44 mil millones

Dividendos de compañías subsidiarias

Desglose de ingresos de dividendos para 2022:

• Dividendo financiero de CNA: $ 156 millones
• Dividendo de tuberías de Boardwalk: $ 48 millones
• Dividendos subsidiarios totales: $ 204 millones

Apreciación de capital de la cartera de inversiones

Rendimiento de la cartera de inversiones en 2022:

Categoría de inversión	Valor comercial	Apreciación anual
Inversiones de renta variable	$ 3.2 mil millones	5.6%
Valores de renta fija	$ 2.7 mil millones	2.3%

Intereses e ingresos financieros

Fuentes de ingresos financieros para 2022:

• Ingresos de intereses: $ 187 millones
• Ingresos de inversión: $ 276 millones
• Ingresos financieros totales: $ 463 millones

Ventas y desinversiones de activos estratégicos

Activos de la venta de activos en 2022:

Activo vendido	Ganancias de venta
Propiedades inmobiliarias	$ 215 millones
Estaca de capital parcial	$ 98 millones

Loews Corporation (L) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and partners choose Loews Corporation, and the numbers from late 2025 really back up the story.

Diversified exposure to insurance, energy, hospitality, and packaging sectors.

Loews Corporation provides exposure across major economic sectors, which smooths out performance volatility. For the third quarter of 2025, the parent company reported a net income of $504 million, or $2.43 per share. The contributions from the major operating segments illustrate this spread of business activity.

Segment	Q3 2025 Metric	Value
CNA Financial (Insurance)	Net Income Attributable to Loews	$371 million
Boardwalk Pipelines (Energy)	Net Income	$94 million
Boardwalk Pipelines (Energy)	EBITDA	$267 million
Loews Hotels & Co (Hospitality)	Adjusted EBITDA	$69 million
Loews Hotels & Co (Hospitality)	Net Loss	$3 million

The parent company itself generated $77 million in investment income for the quarter, which offset corporate expenses.

Conservative financial management and a strong balance sheet.

The financial structure supports patient capital deployment and resilience. As of September 30, 2025, the parent company held $3.6 billion in cash and investments. Total debt stood at $1.8 billion on the same date. This positioning is reflected in the equity value, with book value per share, excluding accumulated other comprehensive income (AOCI), reaching $94.00 as of September 30, 2025, up from $88.18 at the end of 2024.

Long-term value creation through patient capital deployment.

Loews Corporation actively manages its capital structure to compound intrinsic value per share over time. During the third quarter of 2025, the company repurchased 0.6 million shares of its common stock for a total cost of $56 million. This follows a period where, through the first half of 2025, Loews had repurchased about 3.5% of its shares outstanding since the end of 2024 for a cost of $636 million.

Specialized expertise and scale within each subsidiary's core market.

Scale and operational discipline drive segment performance. You see this clearly in the insurance and energy businesses.

• CNA Financial Corporation's Property & Casualty combined ratio improved by 4.4 points to 92.8% in Q3 2025, aided by low catastrophe losses of only $41 million (or 1.5 points impact).
• CNA's underlying underwriting gain hit a record best of $235 million in Q3 2025, marking the tenth consecutive quarter above $200 million.
• Boardwalk Pipelines' Q3 2025 EBITDA increased 7% year-over-year to $267 million.
• Loews Hotels & Co saw its Adjusted EBITDA grow 8% to $69 million in Q3 2025, helped by new Orlando properties.

Reliable, contracted energy transportation services via Boardwalk Pipelines.

Boardwalk Pipelines' value proposition is heavily anchored in long-term, reliable contracts. Approximately 85% of operating revenues originate from capacity reservation charges under long-term take-or-pay agreements. The company's total announced growth projects are expected to add 4.2 Bcf/d of additional capacity at an aggregate cost of approximately $3.0 billion. Specifically, the Texas Gateway Project, which executed a precedent agreement in October 2025, will add 1.5 Bcf/d of capacity. The existing revenue backlog, excluding the Texas Gateway Project, stands at $15.6 billion.

Loews Corporation (L) - Canvas Business Model: Customer Relationships

Long-term, high-value contractual relationships with energy customers define a core part of Loews Corporation's structure through Boardwalk Pipelines.

Boardwalk Pipelines reported a 22% increase in net income in the third quarter of 2025, directly tied to higher re-contracting rates and recently completed growth projects. The company has total announced growth projects expected to add 4.2 Bcf/d of additional capacity at an aggregate cost of approximately $3.0 billion. For example, the Kosci Junction Project is supported by a 20-year agreement with an anchor customer, securing long-term revenue streams from energy users.

For commercial insurance clients via CNA Financial Corporation, the relationship is broker-driven and built on financial strength. CNA's Property & Casualty segments, excluding third party captives, generated 3% net written premium growth in the third quarter of 2025, supported by a +4% renewal premium change. This suggests strong client retention through brokers. CNA maintains high credit ratings, including A+ (Stable) from A.M. Best and S&P, and A2 (Positive) from Moody's, which facilitates financial transactions and trust with B2B clients. Loews Corporation holds an 89% stake in CNA Financial.

The high-touch, personalized service model at Loews Hotels & Co is evidenced by operational performance metrics. Adjusted EBITDA for Loews Hotels was $109 million in the second quarter of 2025, an 11% year-over-year increase. This was driven by strong performance in Orlando, which benefited from the addition of three new properties that opened in the first half of 2025. The Loews Arlington Hotel and Convention Center, which opened in the first quarter of 2024, has nearly 900 rooms. However, the Miami Beach Hotel saw lower room nights due to ongoing renovations, indicating active management of the physical assets that impact guest experience.

Investor relations for Loews Corporation focuses heavily on long-term shareholder value and capital returns, a relationship managed at the parent company level. The company has impressively maintained dividend payments for 55 consecutive years. The five-year Total Shareholder Return (TSR) reached 166%. As of December 1, 2025, the stock delivered a strong 25.97% return year-to-date. The parent company held $3.6 billion in cash and investments as of September 30, 2025, supporting its capital allocation strategy.

The commitment to shareholder value is further demonstrated through active capital deployment:

• Loews Corporation repurchased 2.9 million shares in the second quarter of 2025 for a cost of $251 million.
• In the third quarter of 2025, the company repurchased 0.6 million shares for a total cost of $56 million.

Direct sales and account management for large packaging clients through Altium Packaging is less detailed in public reports, but the overall financial health reflects the stability of these relationships. CNA's Property & Casualty segments saw net written premiums grow by 3% in Q3 2025.

Here are key financial metrics reflecting the value delivered to shareholders:

Metric	Value as of Late 2025	Reference Period
Net Income Attributable to Loews	$504 million	Q3 2025
Book Value Per Share (Excluding AOCI)	$94.00	September 30, 2025
Five-Year Total Shareholder Return (TSR)	166%	Five Years Preceding June 2025
Shares Repurchased (Q3 2025 Cost)	$56 million	Three Months Ended September 30, 2025
Parent Company Cash & Investments	$3.6 billion	September 30, 2025

The relationship with CNA clients is underpinned by strong financial ratings, including A+ (Stable) from A.M. Best and S&P.

Loews Corporation (L) - Canvas Business Model: Channels

For Loews Corporation (L), the channels used across its diversified subsidiaries reflect a mix of traditional, agency-based, direct, and digital approaches as of late 2025.

Independent insurance agencies and brokers for P&C policy distribution

CNA Financial Corporation, Loews Corporation's approximately 92% owned subsidiary, relies on a network that includes agents, brokers, and managing general underwriters for its Commercial and Specialty property and casualty (P&C) lines. CNA's P&C segments, excluding third party captives, generated gross written premium growth of 2% and net written premium growth of 3% for the third quarter of 2025. The P&C expense ratio for the third quarter of 2025 was 29.1%, the lowest since 2008. In 2024, CNA's P&C retention rate was 85%.

CNA Financial P&C Metric	Value/Period	Period End/Reference
P&C Gross Written Premium Growth (ex-captives)	2%	Q3 2025
P&C Net Written Premium Growth (ex-captives)	3%	Q3 2025
P&C Expense Ratio	29.1%	Q3 2025
P&C Retention Rate	85%	2024

Direct sales teams for securing long-term pipeline capacity contracts

Boardwalk Pipelines utilizes direct engagement to secure long-term capacity contracts for its natural gas transportation and storage services. The company added $400 million to its revenue backlog during the second quarter of 2025, bringing the total backlog to $14.7 billion. New growth projects being sanctioned are modeled to have average contract lengths of 15-plus years, indicating a strong reliance on long-term direct negotiations with utility customers.

Proprietary hotel booking systems and major Online Travel Agencies (OTAs)

Loews Hotels & Co employs a multi-channel approach, using its proprietary booking systems alongside major OTAs. For the second quarter of 2025, Loews Hotels reported Adjusted EBITDA of $109 million. While specific Loews Hotels booking mix data isn't public, the broader US hotel industry context for 2025 shows OTAs as a dominant force for leisure sales, but direct bookings are pursued for margin protection.

• OTAs account for 52% of online hotel leisure sales in the USA.
• Typical OTA commission rates range from 15% to 25% per booking.
• Hotels save 15-25% on average by securing a direct booking over an OTA booking.

Direct sales force to industrial and consumer goods companies for Altium Packaging

Altium Packaging serves a diverse set of end markets, including Automotive, Beverage, Food, Healthcare, Industrial, and Personal Care, through direct relationships. Loews Corporation's stake in Altium Packaging was valued at roughly $1 billion based on a prior stake sale, corresponding to $1.3 billion in net sales for the full year 2024. Altium Packaging operates through a network of over 65+ plants in the U.S. and Canada.

Investor relations and SEC filings for communicating with shareholders

Loews Corporation communicates its financial standing and capital allocation strategy through regular SEC filings and investor presentations. As of the end of the second quarter of 2025, Loews Corporation held $3.4 billion in cash and investments. During the second quarter of 2025, Loews repurchased 2.9 million shares for approximately $251 million. Book value per share increased from $79.49 at year-end 2024 to $84.42 at the end of the second quarter of 2025.

Loews Corporation (L) - Canvas Business Model: Customer Segments

You're looking at the core groups Loews Corporation serves across its diversified portfolio as of late 2025. It's not one market; it's several distinct ones, each served by a specialized subsidiary.

The largest customer base, by revenue contribution, comes from commercial enterprises relying on CNA Financial Corporation for their Property and Casualty (P&C) insurance needs. CNA markets its broad range of products through a network of brokers and independent agents to specific commercial tiers.

Here's a look at the key customer groups and some relevant 2025 figures:

Customer Segment	Serving Subsidiary	Key Metric/Data Point (2025)
Commercial enterprises (Small Business, Construction, Middle Markets)	CNA Financial Corporation	Net Earned Premiums grew 8% in Q3 2025
Natural gas producers, utilities, LDCs, and industrial end-users	Boardwalk Pipelines	Generated $530 million in transportation/storage revenue in Q3 2025
Leisure and business travelers, convention organizers	Loews Hotels & Co	Reported $202 million in lodging revenue for Q3 2025
Public shareholders	Loews Corporation (Parent)	Book Value Per Share was $88.39 as of September 30, 2025

For Boardwalk Pipelines, the customer base is intentionally diversified, which helps manage risk. They serve a mix of counterparties, ensuring no single one dominates the revenue stream.

• Natural gas producers, local distribution companies (LDCs), marketers, electric power generation plants, and direct industrial users.
• Contracts are predominantly with investment-grade counterparties.
• No single counterparty contributes more than 10% of Boardwalk Pipelines' revenue.
• Boardwalk Pipelines has approximately $19.8 billion of estimated future operating revenues under executed agreements as of Q3 2025.

The leisure and business traveler segment is tied to Loews Hotels & Co, which operates 25 hotels across the United States (24) and Canada (1). Their recent performance has been bolstered by joint ventures, specifically the Universal Orlando Resort, which drove higher equity income in the third quarter.

Finally, you, as a public shareholder, are a critical segment for Loews Corporation itself. The parent company focuses on long-term value creation, which is reflected in its capital structure and book value metrics. The parent company held $3.6 billion in cash and investments as of September 30, 2025.

The shareholder base is a mix of institutional and individual investors seeking a value-oriented holding company structure. As of October 2025, Institutional holdings accounted for 58.70% of the top holdings, while Individuals held 17.9%. The company has actively managed this segment by repurchasing shares; for example, Loews repurchased 0.6 million shares in Q3 2025 for a total cost of $56 million.

Finance: draft 13-week cash view by Friday.

Loews Corporation (L) - Canvas Business Model: Cost Structure

Significant insurance claims and loss adjustment expenses, including mass tort reserve charges, are a key cost component flowing from CNA Financial Corporation.

• CNA Financial Corporation recorded an $81 million after-tax charge at the Loews level in the second quarter of 2025 related to mass tort development, stemming from an annual review of legacy mass tort reserves and anticipated abuse claim settlements.
• For the three months ended March 31, 2025, the Corporate & Other segment incurred a core loss due to a $17 million after-tax charge for unfavorable prior period development from legacy mass tort claims.
• Property and Casualty catastrophe losses for CNA were $41 million for the third quarter of 2025.
• CNA's Property and Casualty combined ratio for Q3 2025 was 92.8%.

High capital expenditure is necessary for pipeline infrastructure expansion, primarily through Boardwalk Pipelines.

Project/Expense Type	Metric/Period	Amount
Total Announced Growth Projects (Boardwalk)	Anticipated Aggregate Cost	Approximately $3.0 billion
Boardwalk Pipelines Capital Expenditures	Nine Months Ended September 30, 2025	$222 million
Boardwalk Pipelines Capital Expenditures	Full Year 2025 Expectation	Approximately $269 million
Boardwalk Pipelines Future Growth Commitments	Binding Purchase Orders (through 2028)	Approximately $273 million

Operating expenses include higher product costs and employee-related costs across the various segments.

• For the three months ended March 31, 2025, CNA Financial Corporation's total expenses were $3,980 million, which included Insurance claims and policyholders' benefits of $2,027 million and Operating expenses and other of $1,953 million.
• The expense ratio for CNA's Property and Casualty operations was generally consistent with the prior year quarter for Q1 2025.

Interest expense on the parent company's debt is a fixed cost that Loews Corporation must service.

The parent company, Loews Corporation, maintained $1.8 billion of debt on its balance sheet as of both June 30, 2025, and September 30, 2025.

Hotel property operating costs, maintenance, and renovation expenses impact the Loews Hotels & Co segment's results.

• For the three months ended June 30, 2025, Loews Hotels & Co reported Operating and other expenses of $170 million.
• Operating and other expenses for Loews Hotels & Co increased by $18 million for the three months ended March 31, 2025, compared to the prior year, partly due to the Arlington Hotel operating for a full quarter and costs related to three new hotels.
• The second quarter of 2025 net income for Loews Hotels & Co decreased due to higher expenses related to the three new hotels at Universal Orlando Resort, which opened in 2025.

Finance: draft 13-week cash view by Friday.

Loews Corporation (L) - Canvas Business Model: Revenue Streams

You're looking at the core ways Loews Corporation pulls in money across its diverse portfolio as of late 2025. It's a mix of insurance float management, essential energy infrastructure fees, hospitality services, and packaging sales. The overall picture for the first nine months of 2025 shows solid performance from the holding company level.

Consolidated net income was $1,265 million for the first nine months of 2025, a strong figure showing the combined strength of the underlying businesses. This compares favorably to the $1,227 million reported for the same period in 2024.

The primary revenue drivers come from the major subsidiaries, which generate income through distinct fee and premium structures:

• Insurance premiums and net investment income from CNA Financial.
• Transportation, storage, and parking/lending fees from Boardwalk Pipelines.
• Hotel room revenue, food and beverage sales, and event fees from Loews Hotels & Co.
• Sales of rigid plastic packaging products (Altium Packaging).

Here's a look at the reported revenue and income contributions for the nine months ended September 30, 2025:

Segment	Revenue/Income Metric	Amount (Nine Months Ended Sept 30, 2025)
CNA Financial	Net income attributable to Loews	Data not explicitly stated for 9 months, but Q3 2025 attributable net income was $371 million.
Boardwalk Pipelines	Transportation and Storage Revenue	$1,662 million
Boardwalk Pipelines	Net Income (Q3 2025)	$94 million
Loews Hotels & Co	Lodging and Related Services Revenue	$685 million
Altium Packaging	Non-insurance Warranty Revenue	$1,188 million

Drilling down into the specifics of the largest contributors, CNA Financial's revenue streams showed growth, driven by higher earned premiums and strong investment returns in the third quarter.

For CNA Financial in the third quarter of 2025:

• Net earned premiums increased by 8% year-over-year.
• Net written premiums grew by 3%.
• Catastrophe losses were significantly lower at $41 million pretax, compared to $143 million in the third quarter of 2024.
• Pretax net investment income was $638 million.

Boardwalk Pipelines focuses on contracted, fee-based revenues, which provides a stable base. You see this stability reflected in their future commitments. Their net income improved in the third quarter of 2025 due to higher re-contracting rates and growth projects.

Boardwalk Pipelines has a substantial backlog of contracted revenue, which is a key feature of this revenue stream. Specifically, as of October 2025, they have approximately $19.8 billion of estimated operating revenues expected to be recognized in the future related to outstanding performance obligations. This includes about $5.7 billion in anticipated revenues from executed precedent transportation agreements tied to growth projects.

Loews Hotels & Co generates revenue from hospitality operations. While the segment reported a net loss of $3 million in the third quarter of 2025, this was an improvement from a loss of $8 million the prior year. This improvement was supported by higher average daily rates and occupancy at existing properties, plus the positive impact from new hotels opening in 2025. The nine-month revenue for lodging and related services was $685 million.

Altium Packaging's revenue stream is based on the sales of its rigid plastic packaging products. For the first nine months of 2025, this segment contributed $1,188 million in non-insurance warranty revenue. That's a defintely large component of the overall top line.

Finance: draft 13-week cash view by Friday.